Lower-risk, regulated, natural gas distribution operations provide stable earnings and cash flow; Effective management of regulatory risk; Large utility with customer concentration in Southern California; Good mix of mostly residential and commercial customers, providing a further measure of cash flow stability; and Long-term effect from the Aliso Canyon gas leak appears to be mitigated. Financial ratios are measured against our most relaxed benchmarks compared to the typical corporate issuer reflecting the company's lower-risk regulated natural gas distribution operations and its effective management of regulatory risk; We expect financial measures to consistently reflect the higher-end of the range for its financial risk profile category; and Robust capital spending. The stable outlook on Southern California Gas Co. (SCG) reflects S&P Global Ratings'
